Solana SOL slips below 200, tests 190 support amid mixed signals

Solana’s native token SOL slipped below the psychologically important 200 level in mid‑October after a sharp marketwide liquidation, testing a support band around 190 and briefly falling as low as the high 160s before recovering to trade near the 190 to 195 range. The move followed a week in which the token shed roughly 13 to 16 percent as traders and larger holders reacted to heightened risk aversion and volatile derivatives activity.

Onchain flows and exchange data show a mixed picture of selling and accumulation. Several large transfers of SOL to exchanges were recorded, including multimillion‑dollar deposits that market participants often interpret as potential precursor to selling. At the same time, trackers reported significant withdrawals from exchanges and spikes in outflows to private wallets, a pattern commonly read as whale accumulation. Data providers also indicate that major accounts cut back on perpetual futures exposure over the past week, suggesting large investors have reduced leverage and are exercising caution.

Derivatives indicators reflect that caution. Funding rates have hovered around neutral to slightly negative and open interest has been uneven across...